Ethereum has rallied strongly over the past month. The price of the world’s second most popular cryptocurrency has nearly doubled since the low in July. In this regard, Ethereum is doing slightly better than Bitcoin, which has gained around 75% since the local low. Equally important, Ethereum and Bitcoin are currently testing the 61.8% Fibonacci retracement of the most recent downward correction, which means that the world’s two major cryptocurrencies have made up almost 2/3 of their losses. Bitcoin price broke above $ 50,000 today as Ethereum tests the $ 3,330 mark. Another potential target for the bulls is around the 78.6% retracement at $ 3,770. The positive sentiment in the crypto market is supported by the expectation that the Fed will not decide to reduce the flow of money in the form of the QE program. However, should market sentiment change, the first target for sellers would be around $ 3,000, which coincides with the lower bound of the consolidation zone that began on August 11th.
Source: xStation 5
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